Briefly –
- BTC price seems to stage a 15% uptrend after a slight retracement.
- ETH looks to form a high low that might result in a $2,319 retest.
- XRP needs to reclaim a low level at $0.65 for a 20% surge to $0.783.
Bitcoin took a sharp nosedive over the past day, sending the leading coin beneath its support levels, creating a new series low. At the moment, Bitcoin prepares for an uptrend as the primary crypto market sell-off appears over. Most alternative coins, including Ripple and Ethereum, follow similar trends, staging comebacks.
BTC Price Rally High
After an ugly 20% drop between 20th and 22nd June, BTC has its price rallying 21%. However, the recovery met rejection at $34,800. For that reason, the leading cryptocurrency undergoes retracement for now. The back-trend might continue to the $31,000 mark before a 15% uptrend, taking the asset over the 50% Fib retracement at the $35,610 level. If bulls can take over the market, Bitcoin would extend its rally to $37,331.
On the other hand, if BTC slides through the $31K mark and fails to recover, it will overturn the bullish sentiment.
Such scenarios can force the leading coins down by 3% to trade at $30,000. Moreover, if sellers add increased pressure, Bitcoin can drop to the $28,770 low.
ETH Rises Slightly as BTC Surges
ETH follows BTC as it creates an additional swing low. The altcoin slide through the $1,728 zone, forming a new level at $1,700.
The recovery rally slides the $1,976, a 79% Fib retracement zone. However, the asset failed to maintain above the level. For now, traders might expect ETH’s next trial to break $1,976 for the 70.5% Fib retracement at $2,077 and 62% Fib at $2,177.
XRP Ready for Higher Prices
Over the trading session ranging from 20th to 22nd June, Ripple’s XRP declined by 35%. However, the altcoin surged gradually, meeting a vital resistance zone at $0.65. If XRP could break this resistance and turn it into a support zone, it would signify an incoming uptrend.
Ripple might spike by 15% to retest the $0.745 level, 79% Fib retracement.
After breaching this demand boundary, bulls can utilize increased buying pressure to target $0.783 – $0.821 levels.
